tag:blogger.com,1999:blog-8278279504304651957.post1473037658594320035..comments2019-01-21T10:41:31.932-08:00Comments on South Asia Investor Review: How Industrialized West Enables Corruption in Developing WorldRiaz Haqhttp://www.blogger.com/profile/00522781692886598586noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-8278279504304651957.post-17140655521354298482018-10-17T20:04:43.818-07:002018-10-17T20:04:43.818-07:00Abraaj&#39;s Naqvi gave $20 million to #NawazShari...Abraaj&#39;s Naqvi gave $20 million to #NawazSharif via middleman Navaid Malik for approval to sell #KElectric to #Shanghai Electric. “This document is explosive in the wrong hands. Abraaj and K-Electric shouldn’t be named in the document&quot; #Pakistan https://www.wsj.com/articles/private-equity-firm-abraaj-raised-billions-pledging-to-do-goodthen-it-fell-apart-1539706575 via @WSJ<br /><br />Around the same time, Abraaj was looking to sell its stake in K-Electric Ltd., the electricity provider to Karachi. Mr. Naqvi tried to secure the cooperation of Pakistan’s then-prime minister, Nawaz Sharif, and his brother Shehbaz, offering a $20 million payment to businessman Navaid Malik for his help in getting it, according to company emails and people familiar with the situation. The government owns a stake in K-Electric and its approval would be required for the sale to go through.<br /><br />Shehbaz was “willing to give a strong endorsement” of the deal to Chinese bidders, Mr. Malik said, according to an October 2015 email to Mr. Naqvi from Abraaj partner Omar Lodhi. Mr. Malik said it was “important for him to share every detail with the brothers and get their blessings as well as their instructions as to how this money should be distributed,” such as “a portion to charity” or “a portion to the election fund kitty,” Mr. Lodhi wrote in the email.<br /><br />When Mr. Naqvi emailed Mr. Lodhi about the $20 million contract for Mr. Malik in June 2016, he wrote, “This document is explosive in the wrong hands.” Abraaj and K-Electric shouldn’t be named in the document, he wrote: “Keep it generic.”<br /><br />“Noted,” Mr. Lodhi responded. Mr. Malik didn’t respond to requests for comment.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-31825338151530360862018-08-07T18:25:50.499-07:002018-08-07T18:25:50.499-07:00By the close of #Pakistan&#39;s latest #Tax #Amnes...By the close of #Pakistan&#39;s latest #Tax #Amnesty Scheme on 31st July 2018, declarations from 5,363 entities disclosed #foreign assets worth US$ 8.1 billion. Pakistanis&#39; total hidden foreign assets worth estimated around $350 billion. #MoneyLaundering https://www.geo.tv/latest/206523-pakistanis-hidden-foreign-assets-worth-estimated-around-350bn<br /><br />Authorities probing illegal foreign accounts and properties of thousands of Pakistanis made shocking revelations on Tuesday that the volume of these assets hidden in different tax havens abroad reached up to US$350 (Rs43 trillion).<br /><br />Interestingly, the authorities also revealed for the first time that only accounts and properties worth Rs1,003 billion (US$8.1 billion) have been declared by over 5, 300 entities or individuals, under the Tax Amnesty Scheme 2018 over the past three months.<br /><br />“By the close of Amnesty Scheme 2018, on 31st July 2018, declarations from 5,363 entities (individuals/companies) had disclosed foreign assets worth Rs1,003 billion (US$ 8.1 billion), with major share of declared assets located in UAE. Properties/accounts holders in other tax-haven countries benefited only marginally from this scheme,” revealed the confidential details submitted with the Supreme Court.<br /><br />The declared amount of US$8.1 billion is around 2.3% of overall illegal accounts worth US$350 by thousands of Pakistanis who allegedly violated national laws while establishing their assets abroad.<br /><br />“Total volume of Dubai properties is over Rs4,240 billion with annual investment and growth of Rs220 billion where Pakistani property agents/investors were counting them as more than 5,000 individuals/entities,” suggested the details Geo News exclusively collected from the Federal Investigation Agency, State Bank of Pakistan, Federal Board of Revenue, Securities and Exchange Commission of Pakistan, Finance Division &amp; other financial institutions.<br /><br />The shocking details also revealed that British government has listed Pakistan among top 3 money laundering source countries, after Nigeria and Russia. Institutions have also cited reference of British National Crime Agency&#39;s 2018 report.<br /><br />About top tax haven, the concerned institutions have also claimed that Pakistani citizens have stashed US$100 billion in United Kingdom and United States of America, with additional amount of millions of dollars parked in real estate sectors. They have quoted findings of Mr. Shabbar Zaidi of AF Ferguson, Pakistan in this report. An estimated over US$200 billion were stashed by Pakistanis in Switzerland, the report revealed, quoting statement of Micheline Calmy-Rey/Swiss Foreign Minister in 2014.<br /><br />The shocking details continued to reveal that millions of dollars have also been stashed by hundreds of Pakistanis in Hong Kong, British Virgin Islands, Bahamas Channel Island Seychelles and other tax havens for corporate vehicles involved in money laundering.<br /><br />About reasons for poor control over money laundering and difficulties in investigation, the institutions have told the apex court that the weak legislative instruments remain a stumbling block in the way to take action against these individuals, who violate national laws while stashing billions of rupees abroad illegally.<br /><br />The FIA says that Foreign Assets Declaration Regulation, 1972 is a non-declaration and not defined as a predicate offence, and the authority was not authorised to investigate.<br /><br />Foreign Exchange Regulation ACT, 1947, Income Tax Ordinance 2001, Section 111-(4) protect sources if unexplained income from foreign remittance and Pakistan Economic Reforms ACT, 1992 Section-4 and 5 also protect sources of unexplained income from foreign remittance, the FIA drew attention of top court toward this matter.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-52371693868233753752018-06-30T07:36:14.321-07:002018-06-30T07:36:14.321-07:00#Pakistan Amnesty pulls in Rs 80 billion #tax amid...#Pakistan Amnesty pulls in Rs 80 billion #tax amid massive response. One #Karachi billionaire declares $1.5 billion in offshore assets.<br /><br />https://economictimes.indiatimes.com/news/international/business/pakistans-amnesty-scheme-pulls-in-rs-80-billion-in-tax/articleshow/64805560.cms<br /><br />Nearly 5,000 people in Pakistan have filed returns declaring their foreign assets and deposited approximately Rs 80 billion in taxes so far, as the government&#39;s tax amnesty scheme is set to end today. <br /><br />The final amount will be much higher as more funds are in the pipeline based on payment slips issued. <br /><br />A Karachi-based billionaire, Habibullah Khan, has declared liquid assets of USD 1.25 billion outside of Pakistan in the single largest amnesty declaration in the country. <br /><br />Khan is the Founder and Chairman of Mega Conglomerate - Mega and Forbes Group of Companies (Mega Group - MFG), a diversified conglomerate with business holdings. <br /><br />Khan made his declaration under the tax amnesty scheme announced through an Ordinance on April 10, 2018. <br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-49027179228782689342018-06-21T07:07:44.114-07:002018-06-21T07:07:44.114-07:00Panama Papers: New leak shows Pak clients struggli...Panama Papers: New leak shows Pak clients struggling to avoid trouble<br /><br />https://www.thenews.com.pk/print/331641-panama-papers-new-leak-shows-pak-clients-struggling-to-avoid-trouble<br /><br />A fresh batch of leaked documents of Panamanian law firm, Mossack Fonseca, reveals how panic triggered after the release of Panama Papers among the firm and its clients; several of them were Pakistanis who had to change their plans of hiding wealth abroad amid fear of yet another leak.<br /><br />A person (Zaka Ashraf) nominated by PPP for interim PM, who had also been chairman of the Pakistan Cricket Board (PCB), abandoned the process of opening two accounts in Swiss banks after the Panama Papers through his two benami shell companies which came to surface earlier but their ownership was unknown.<br /><br />Former attorney general Justice (R) Malik Qayyum disassociated himself from a benami company. Its Swiss bank account had Qayyum and his wife as signatories. Samina Durrani, the mother of Tehmina Durrani, “gifted” one offshore company holding property in the UK, to Asimullah Durrani, her son, a few months after the release of Panama Papers.<br /><br />Meanwhile, a Pakistani banker in the Middle East, Saleem Sheikh, was found seeking explanation from the law firm about the steps taken to prevent any embarrassment in future through yet another leak.<br /><br />Instead of replying to this concern, Mossack Fonseca served him notice in April 2017 together with other Pakistani passport holders having companies in British Virgin Islands to change their registered agent as “an administrative decision has been taken to resign as registered agent/office for companies with links to high risk countries.” Pakistan is among those 21 countries declared prohibited for business by BVI in April 2017. Nielsen and Nescoll, the offshore companies owned by Sharif family had changed their agent in 2014 hence no detail was found in the latest leak.<br /><br /><br />-----------------<br /><br />Although Mossack Fonseca announced its closure in March this year, it started resigning in April as registered agent of clients from Pakistan which is “on our current prohibited list of countries.” “Kindly however advise the client that an administrative decision was made after conducting a risk assessment to cease acting as agent for companies associated with Pakistan currently, due to the elevated country risk. “Accordingly, we suggest that they make arrangements to change the registered agent/office of the company soonest,” read an email.<br /><br />There are another 20 countries which have been declared ‘High Risk’ due to money laundering and terror financing. Pakistan has been flagged due to terror financing. Other high risk countries are Afghanistan, Belarus, Bosnia, Central African Republic, Cuba, Congo, Eretria, Iran, Iraq, Lebanon, Libya, North Korea, Serbia, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Yemen and Zimbabwe.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-66767519607564854342018-05-15T21:59:29.929-07:002018-05-15T21:59:29.929-07:00#British National #Crime Agency (NCA) warns that #...#British National #Crime Agency (NCA) warns that #UK remains prime destination for foreign corrupt person and politicians and their families to launder money, with biggest sources of #corrupt investment being #Russia, #Nigeria, #Pakistan. #MoneyLaundering<br /><br />https://www.theguardian.com/uk-news/2018/may/14/uk-businesses-warned-risk-brexit-driven-crime-surge-national-crime-agency<br /><br />British businesses are at risk of being drawn into corrupt practices after the UK leaves the European Union in a Brexit-driven surge in crime, law enforcement officials have warned.<br /><br />UK-based companies looking to increase trade with countries outside the EU are more likely to come into contact with corrupt markets, particularly in the developing world, the National Crime Agency (NCA) said.<br /><br />Brexit will also provide greater opportunities for criminals to launder money, such as investing dirty cash in British businesses that deal in high-value items such as gems and precious metals, the agency said.<br /><br />In its annual assessment of serious and organised crime, the NCA said criminals would take advantage of a redesigned customs setup when the UK leaves the EU, as well as any gaps in intelligence-sharing between countries, which could lead to international fugitives evading capture.<br /><br />“As the UK moves towards exiting the EU in March 2019, UK-based businesses may look to increase the amount of trade they have with non-EU countries,” the report said. “We judge this will increase the likelihood that UK businesses will come into contact with corrupt markets, particularly in the developing world, raising the risk they will be drawn into corrupt practices.”<br /><br />The NCA said the result of the EU referendum would be “a key driver of uncertainty” in the next five years.<br /><br /><br />Sign up to our Brexit weekly briefing<br />Read more<br />Nikki Holland, the director of investigations for the National Crime Agency, said: “We know the criminals will adapt to what the arrangements are and exploit any loopholes. We think while there is uncertainty … the criminals will be waiting to see what the opportunities and loopholes are, to get their goods across the border during any confusion.”<br /><br />As well as the NCA, police forces, MI5, MI6, GCHQ, the Border Force, immigration enforcement and the Prison Service all contributed to the assessment.<br /><br />Law enforcement agencies, including the NCA, have previously warned of the risks to intelligence sharing posed by the vote to leave the EU.<br /><br />Lynne Owens, the NCA director general, has , including use of the European arrest warrant and membership of Europol, amid concerns about the impact of leaving the EU.<br /><br /><br />Membership of the EU gives the NCA and UK police forces access to tools that allow them to share intelligence quickly and efficiently with European counterparts.<br /><br />Before the referendum, former security chiefs, including the former head of MI5 Eliza Manningham-Buller and the former head of MI6 Sir John Sawers, had said that voting remain was in the best interests of the country’s security.<br /><br />Elsewhere in the report, the NCA warned that the UK remained a prime destination for foreign corrupt and politically exposed people to launder money, with the biggest sources of corrupt investment being Russia, Nigeria and Pakistan.<br /><br />“Investment in UK property, particularly in London, continues to be an attractive mechanism to launder funds,” the report said.<br /><br />The NCA said that the scale of money laundering in the UK annually is in the billions of pounds.<br /><br />The agency also flagged an increase in criminal gunfire on the streets of Britain. The report said the majority of weapons had not been previously used, which suggested an easy flow of illegal weapons into the UK.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-61862100888255530082018-05-15T21:52:58.104-07:002018-05-15T21:52:58.104-07:00Electronic data exchange between #China and #Pakis...Electronic data exchange between #China and #Pakistan to go live soon to deal with huge discrepancy in #trade figures ($12 billion imports in Pakistan vs $16 billion exports from China in 2017), excise #tax evasion and #MoneyLaundering. #misinvoicing<br /><br />https://www.thenews.com.pk/print/317155-electronic-data-exchange-with-china-to-go-live-soon<br /><br />Pakistan is on the verge of launching electronic origin data exchange, which would enable real time recording of trade between the two countries and help curb revenue evasion as well as money laundering, an official said.<br /><br />Directorate General of Reforms &amp; Automation – Customs has developed the software in this regard and user acceptance testing by Trade Development Authority of Pakistan (TDAP) has also been concluded.<br /><br />“Presently, the testing of electronic message exchange through the software is in progress between the technical teams of China and Pakistan,” the official said.<br /><br />The official added that the system, being developed under China-Pakistan free trade agreement (FTA), would be available for live data exchange after the completion of testing.<br /><br />Imports from China constitute a significant part of Pakistan’s total imports, which opened doors for under-invoicing aimed at revenue evasion as well as over-invoicing aimed at moving out foreign exchange in an organized manner.<br /><br />Finance Minister Miftah Ismail, in a recent interaction with newsmen, had said the government had detected mass under-invoicing on imports from China. The premier had also said the record at Pakistan Customs reported imports of $12 billion from China last year, while data at Chinese Customs reported exports of $16 billion to Pakistan during the same period.<br /><br />A trader, requesting anonymity, said under-invoicing and revenue evasion was only a part of the damage, China-Pakistan FTA dealt to the local industry and economy.<br /><br />Quite recently, Pakistan Customs detected large scale money laundering through gross over invoicing of solar PV panels imported from China, and advocated concerted efforts involving State Bank of Pakistan (SBP) and by extension commercial banks.<br /><br />Earlier in June last year, Pakistan Solar Association (PSA) in their representation to Customs authorities had shared actionable information regarding money laundering through over-invoicing of solar (photovoltaic) panels and requested investigation into the matter. The investigations had revealed the said goods were being imported into the country from China at double the international market rates.<br /><br />The official further said the implementation of electronic data exchange between China and Pakistan under Pak China FTA would facilitate trade and help combating commercial frauds.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-51251586273683957742018-05-14T17:16:54.894-07:002018-05-14T17:16:54.894-07:00$5 Billion Investment to Boost Pakistan Real Estat...$5 Billion Investment to Boost Pakistan Real Estate, as Major Developers Participate at the Dream Home Expo<br /><br />https://www.albawaba.com/business/pr/5-billion-investment-boost-pakistan-real-estate-major-developers-participate-dream-home-<br /><br />UAE-based BMS International Commercial Investment LLC, one of the Royal Group Companies of Sheikh Saeed Bin Khalifa Al Nahyan, has shown interest in investing $3 billion in different economic sectors of Pakistan, with a focus on real estate.<br /><br />Louai Mohammed Ali, chairman of BMS International Commercial Investment, made the commitment to invest in Pakistan’s real estate development, agriculture and fisheries, energy, hospitality and leisure, healthcare and education sectors.<br /><br />In December 2017, Egyptian tycoon Naguib Sawiris of Ora Developers and Pakistan’s Saif Group announced investing over $2 billion in real estate ventures in Islamabad.<br /><br />Pakistan’s near-term outlook for economic growth is broadly favourable, the International Monetary Fund (IMF), said in a recent statement.<br /><br />“Real GDP is expected to grow by 5.6 percent in FY 2017/18, supported by improved power supply, investment related to the China-Pakistan Economic Corridor (CPEC), strong consumption growth, and ongoing recovery in agriculture. Inflation has remained contained,” the IMF said in a statement in March 2018.<br /><br />Total Foreign direct investment (FDI) into Pakistan surged 68.9 per cent to $4.45 billion in the nine months of FY2018, according to the central bank data.<br /><br />With a population of almost 208 million people, Pakistan is suffering a shortage of 12 million houses, said a latest report. Karachi, with its behemothian population of 16.6 million, has an annual shortage of 300,000 houses. <br /><br />Pakistan’s growing economy supported by its investment sector has remained instrumental to the country’s economic growth over the last five years. With a spend of about $5.2 billion on real estate construction backed up by price correction of up to 20 percent and major advancements in the overall industry dynamics, the property market has enabled strong returns among investors compared to other investment avenues.<br /><br />Likewise, recent studies have indicated a significant move in the local real estate market of Pakistan towards overseas investment, being identified as one of the largest investors in the International Property Market. Pakistan’s property buyers have increasingly secured homes and investment in Europe, GCC, Canada and UK.<br /><br />Global real estate transaction value reached $698 billion in 2017, 6 percent above the total transacted in 2016, according to Jones Lang LaSalle, a global real estate advisory. Pakistani investors represented a good chunk of this.<br /><br />Pakistani nationals have invested Dh24.98 billion in Dubai’s real estate through 19,955 transactions in the last four years (2014-2017), according to Dubai Land Department (DLD) making them the third largest non-Arab investor group by nationality.<br /><br />DOME Exhibitions in collaboration with Pakistan’s leading media house Jang Media Group is back this year to bring the International Real Estate Investment opportunities in the heart of Pakistan with its much-awaited participation at the Dream Home Expo, Pakistan’s leading property and investment exhibition.<br /><br />“Pakistanis and Non-Resident Pakistanis (NRP) alike have increasingly been investing within Pakistan and in international markets. Such investors have made their mark in countries across the world, acquiring not just investments but also citizenship opportunities through various investment programs,” said Antoine Georges, Managing Director of DOME Exhibitions, International Pavilion organizer of the exhibition.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-52144388724867706322018-05-10T11:03:54.323-07:002018-05-10T11:03:54.323-07:00Confessions of an Economic Hitman by John Perkins
...Confessions of an Economic Hitman by John Perkins<br /><br />https://jamesclear.com/book-summaries/confessions-of-an-economic-hitman<br /><br />The Book in Three Sentences<br />The United States is engaging in a modern form of slavery by using the World Bank and other international organizations to offer huge loans to developing nations for construction projects and oil production. On the surface this appears to be generous, but the money is only awarded to a country if it agrees to hire US construction firms, which ensures a select few people get rich. Furthermore, the loans are intentionally too big for any developing nation to repay and this debt burden virtually guarantees the developing nation will support the political interests of the United States.<br /><br />Confessions of an Economic Hitman summary<br />This is my book summary of Confessions of an Economic Hitman by John Perkins. My notes are informal and often contain quotes from the book as well as my own thoughts. This summary also includes key lessons and important passages from the book.<br /><br />“Few swim in riches and the majority drown in poverty, pollution, and violence.”<br />The top 1 percent of third world households account for 70 to 90 percent of all private financial wealth and real estate ownership in their country.<br />There are (were?) a famous group of pirates in Indonesia known as the Bugi. They so terrorized early European sailors that the sailors came home and told their children, “Behave yourselves or the Bugimen will get you.” Crazy origin of the phrase.<br />“The beacon shines on a destiny that is not always one we envision.”<br />The imperialist and capitalist drive is so strong and so pervasive that it has become the primary cause of most wars, pollution, starvation, species extinctions, and genocides.<br />Life is composed of a series of coincidences over which we have no control. Once we are presented with such coincidences, we gave choices. How we respond, the actions we take in the face of coincidences, makes all the difference.<br />How many decisions (including ones of great historical significance that impact millions of people) are made by men and women who are driven by personal motives rather than by a desire to do the right thing?<br />This book offers a startling reminder that debt is the new form of prison. Entire countries are handicapped by their debt to the United States and other major players.<br />Lesson: avoid debt at all costs of you want to remain free.<br />We decry slavery, but our global empire enslaves more people than the Romans and all other colonial powers before us.Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-62531621033422201172018-05-02T15:17:03.298-07:002018-05-02T15:17:03.298-07:00With new order on unexplained wealth, UK can seize...With new order on unexplained wealth, UK can seize assets of corrupt politicians, criminals<br />Property in London and other major cities in the United Kingdom is said to be the major destination of corrupt cash.<br /><br />https://www.hindustantimes.com/world-news/with-new-order-on-unexplained-wealth-uk-can-seize-assets-of-corrupt-politicians-criminals/story-8lDQIbyB1kvGsBUzJIjtaP.html<br /><br />Corrupt foreign politicians and criminals who launder an estimated £90 billion every year through the United Kingdom will need to explain their wealth under a new law called Unexplained Wealth Order (UWO) that came into force this week, or face seizure.<br /><br />Property in London and other major cities in the United Kingdom is said to be the major destination of corrupt cash. The British news media mention Russian oligarchs in this regard, but the measure applies toindividuals from all countries.<br /><br />Transparency International UK has identified £4.4 billion worth of property in the UK that may be the target of UWOs. Five properties it suspects had been bought using corrupt wealth includes two by former Pakistan prime minister Nawaz Sharif in London.<br /><br />Provided under the Criminal Finance Act, the UWO allows authorities to freeze and recover property if individuals are unable to explain how they acquired assets in excess of £50,000. Previously, British authorities had few powers to act unless the individuals had a conviction in the country of origin.<br /><br /><br />Ben Wallace, security minister, told The Times on Saturday that he wanted the “full force of the government” to bear down on criminals and corrupt politicians using Britain as a playground and haven: “When we get to you we will come for you, for your assets and we will make the environment that you live in difficult”.<br /><br />“If they are an MP in a country where they don’t receive a big salary but suddenly they have a nice Knightsbridge townhouse worth millions and they can’t prove how they paid for it, we will seize that asset, we will dispose of it and we will use the proceeds to fund our law enforcement,” he added.<br /><br />Rachel Davies Teka of anti-corruption Transparency International UK, said: “The introduction of UWOs is a significant moment in the fight against dirty money flowing into the UK. They will allow law enforcement to much more easily investigate assets that are highly likely to have been bought using corrupt money, often stolen from populations in some of the poorest parts of the world.”<br /><br />“From Russia to Nigeria to the Middle East it is no secret that corrupt officials have channelled ill-gotten funds into the UK via the property market”.<br /><br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-35396777580786123592018-04-29T16:15:33.598-07:002018-04-29T16:15:33.598-07:00Sharif’s legal woes, which the veteran leader says...Sharif’s legal woes, which the veteran leader says are politically motivated, could further boost Khan in the run up to the elections as an anti-corruption court is due to soon deliver a verdict on another Sharif trial. Khan has predicted Sharif will be jailed before the polls, likely in July.<br /><br /><br />To dislodge Sharif’s Pakistan Muslim League-Nawaz (PML-N) party, Khan’s PTI will have to make inroads into Pakistan’s biggest province, which is home to 110 million people and a well-oiled PML-N electoral machine built over several decades.<br /><br />https://www.reuters.com/article/us-pakistan-politics-khan/pakistans-imran-khan-woos-poor-vows-radical-change-in-election-pitch-idUSKBN1I00UQ<br /><br />With the red-brick minarets of Lahore’s Mughal-era Badshahi mosque in sight, Khan outlined a populist 11-point plan to usher in a new era of prosperity that he envisages for Pakistan after the general election at which he hopes to become prime minister.<br /><br />“Today we are at crossroads,” said Khan, a former cricketing hero and founder of the Pakistan Tehreek-e-Insaf (PTI) party.<br /><br />“It is time to change our destiny and think big.”<br /><br />Khan told a boisterous crowd of about 100,000 people that Pakistan was “heading towards destruction” but his plan would help forge a fairer society and steer Pakistan towards a path first envisaged by the nation’s father, Muhammad Ali Jinnah.<br /><br />Khan said that if elected he would build schools and “world class hospitals” across the country, while farmers would get cheap loans. He also pledged to build 5 million homes for the poor, which would create jobs and stimulate the economy.<br /><br />After spending much of his post-cricket political career on the fringes, Khan has in recent years emerged as a key challenger to Sharif, a three-time prime minister who was ousted by the Supreme Court last year but whose party retains power.<br /><br />Sharif’s legal woes, which the veteran leader says are politically motivated, could further boost Khan in the run up to the elections as an anti-corruption court is due to soon deliver a verdict on another Sharif trial. Khan has predicted Sharif will be jailed before the polls, likely in July.<br /><br /><br />Khan, who has sought to shed his playboy image of the past, is betting that his anti-corruption message, coupled with anti-America rhetoric and a projecting image of pious devotion, will propel him into power in the deeply conservative Muslim nation of 208 million people.<br /><br />In Lahore, Khan’s message resonated with many of the bandana-wearing young men waving PTI’s green and red-color flags.<br /><br />“Imran Khan has given us the slogan of ‘New Pakistan’ and that’s what we want,” said Shahzad Khan, 17, in reference to the “Naya Pakistan” slogan used by PTI.<br /><br />Sharif has accused Khan of being a puppet of the powerful military establishment that has a history of meddling in Pakistani politics. Khan denies colluding with the army and the military denies interfering in modern-day politics.<br /><br />-----<br />Sharif was the chief minister of Punjab in the 1980s and his younger brother Shahbaz has ruled the province since 2008, entrenching PML-N’s support across the wealthiest of Pakistan’s four provinces.<br /><br />“We feel they are weakening with every day,” Khan told foreign journalist ahead of the rally.<br /><br />He added that unlike in 2013, when PML-N swept to power, this time around many of the so-called “electables” - politicians who carry large rural vote banks due to their status as tribal elders, feudal lords and heads of various clans - will switch allegiances away from PML-N to PTI.<br /><br />“The electables...weigh things up, they want to be on the winning side,” Khan told foreign media.<br /><br />But at the Lahore rally, Khan shunned talk of electables and focused on promising a new dawn for Pakistan’s poor.<br /><br />“This system cannot run unless we stand up with the downtrodden,” he said. “I am standing with you, it is time of make new Pakistan.”Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-49234076423147282912018-04-19T20:25:32.061-07:002018-04-19T20:25:32.061-07:00How to defeat Pakistan’s corrupt elite and return ...How to defeat Pakistan’s corrupt elite and return wealth to the people<br />The Pakistani opposition leader, Imran Khan, outlines his vision for change.<br /><br />https://www.newstatesman.com/world/2018/04/how-defeat-pakistan-s-corrupt-elite-and-return-wealth-people<br /><br />For PTI, it is not just “politics”: it is a commitment to building a welfare state where the rule of law, meritocracy and transparency are guaranteed to all of our citizens. Pakistan is a country with abundant natural resources and wealth that have been stolen by a corrupt and predatory elite. We are committed to bringing this stolen wealth back to be used for the welfare of our people.<br /><br />-------------<br /><br />The Pakistani state must be responsive to the people in an accountable and transparent manner, and the nation’s development must be on the basis of equality and inclusivity. Only then can Pakistan play a stabilising role in the region, resolving to seek peace with its neighbours through conflict resolution and co-operation. Our general election in July is critical for the future of my country. Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.comtag:blogger.com,1999:blog-8278279504304651957.post-38866563368227495012018-04-16T07:38:37.327-07:002018-04-16T07:38:37.327-07:00Pakistan Seeks Up to $1 Billion From Expats as Res...Pakistan Seeks Up to $1 Billion From Expats as Reserves Dwindle<br />By <br />April 15, 2018, 11:48 PM PDT<br /><br />https://www.bloomberg.com/news/articles/2018-04-16/pakistan-seeks-up-to-1-billion-from-expats-as-reserves-dwindle<br /><br />Pakistan seeks manager for certificate sale due by June<br />South Asian nation foreign reserves falling fastest in Asia<br />Pakistan plans to raise as much as $1 billion from its diaspora in its latest effort to boost foreign-exchange reserves that have dropped close to the lowest in three years.<br /><br />The government plans to launch an overseas certificate in U.S. dollars and rupees by June to raise between $500 million and $1 billion a year, Zafar Masud, director general of National Savings at the finance ministry, said by phone on Monday. Pakistan seeks bids for financial managers by April 30 for the transaction, he said.<br /><br />“We were among the only few countries which didn’t have this product for expats,” said Masud. The sale will offer returns “better than what they’re getting in their home markets.”<br /><br />Pakistan’s economy is facing headwinds before elections in July with foreign exchange reserves dropping at the fastest pace in Asia in the past year. The government also announced an amnesty offer this month that allows overseas Pakistanis to repatriate funds after paying a 2 percent cash tax. Islamabad decided not to issue international bonds after global rates spiked.<br />Riaz Haqhttps://www.blogger.com/profile/00522781692886598586noreply@blogger.com